Dependent Care FSA

The Flexible Spending Account for Dependent Care can reimburse your eligible day care expenses for a dependent who lives with you and who is age 12 or under (or disabled and any age). You must claim this person as a dependent on your income tax return.

What is Covered?

You may be reimbursed only for care that enables you to work (or look for work) on a full-time basis. You can’t be reimbursed for care provided by your spouse, your child under age 19, or someone you claim as a dependent.

FSA or Tax Credit?

A child-care tax credit is available on your federal income tax return. Expenses you pay through the Dependent Care Account reduce the tax credit you may claim. If you earn less than $25,000, you may benefit more by using the tax credit. Ask a tax advisor which decision is better for you.

Filing Claims for Reimbursement

When you file a Dependent Care Account claim, you are reimbursed only up to the amount in your account at the time you file your claim. For instance, if you have  incurred $300 in expenses, but you only have $200 in your account, you will be reimbursed only $200.

Annual Contribution Amount

The maximum amount you can contribute to the Dependent Care account is $5,000 ($2,500 if you are married and file separate returns) per household.

Guidelines

• The child must be dependent on you for over 50% of his or her financial support.
• Care may be provided inside or outside your home, but not by anyone considered your dependent for income tax purposes, such as one of your older children.
• If care is provided at a facility that cares for more than six children, the facility must be licensed.

Remember!

If you enroll in a Flexible Spending Account, the account is funded with money from each of your paychecks! Budget accordingly as the elections cannot be changed until next year’s open enrollment or qualifying event.

Access your Medical or Dependent Care FSA online at www.britulsa.com or download the BRI Tulsa Mobile App from the Apple App Store or Google Play.

Username: first initial of first name, full last name and last 4 digits of Social Security number
Password: last four digits of Social Security number